Metaplanet’s US Bitcoin treasury bet could unlock up to $3.4 billion, but there’s a catch

Metaplanet is set to take near-total control of Nasdaq-listed Super League Enterprise with a $134.6 million investment, while most of the billions of dollars tied to the deal would remain dependent on future financing decisions.On Aug. 18, the Japan-based Bitcoin treasury company said it agreed to contribute 2,100 Bitcoin and $2.5 million for 44.9 million Super League shares priced at $3 each. The transaction would give Metaplanet about 95.7% of the company’s common stock under the base capitalization and board control.According to the SEC filing, Super League would become a Metaplanet subsidiary, rename itself Superplanet, and seek to trade under the ticker SUPA if the transaction closes.The firm's existing common shareholders would be left with about 4.3% of the company, falling further on a fully diluted basis if outstanding pre-funded warrants are exercised.Simon Gerovich, Metaplanet CEO, said:“The strategy now runs on two engines. Superplanet raises in America. Metaplanet raises in Japan. Both feed a single Bitcoin position that never leaves the group. When Superplanet raises capital without adding common shares, Bitcoin per share rises there and at Metaplanet at the same time...